SHANGHAI, Mar. 9 (SMM) -- Today, mainstream offers of EMM were in the RMB 15,300-15,500/mt range and few offers at RMB 15,200/mt also occurred in the market. Overall trading sentiment was sluggish, and domestic EMM prices dropped slightly.
According to SMM sources, trading sentiment was sluggish yesterday due to low purchasing interest from downstream stainless steel mills as well as due to the fact that traders are often unwilling to make purchases when prices are declining. According to a trader in Ningbo, purchases from stainless steel mills were few at present, and trader had some inventories that can meet sluggish demand from downstream consumers. Current prices are on downward track, and the Ningbo trader will mainly adopt a wait-and-see attitude.
According to SMM sources, most producers were reluctant to move goods at low prices at present due to stable high costs at most producers, but sluggish trading made some prodders lower offers. According to an EMM producer from Hunan province, although producers have thin profit at present to due stably high costs, prices will continue to drop due to sluggish buying. In this context, the Hunan producer planned to move some goods.
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